Where contactless payment is not an option, CIBC FirstCaribbean cardholders will still be able to make purchases using the new “smart cards”. Customers need not worry if they encounter a terminal that does not have Chip & PIN capability as the cards will carry the traditional magnetic stripe in addition to the new chip. So in essence, the cards can be used at any terminal without concern.
Extra safety features include a new requirement for cardholders to enter a Personal Identification Number (PIN) for validation at Chip-enabled terminals when making purchases. This eliminates the need to provide a signature, speeds up payment at the register and provides the cardholder with added protection in the event the card is lost or stolen, as such purchases cannot be completed without their confidential PIN.
Mr. Torzsas expressed his excitement at the latest addition to the bank’s card services: “We’ve introduced a series of innovations to our services, including our very popular Mobile Banking app, to give our clients more choice in how they bank and make payments. We have a banking solution that fits everyone’s lifestyle and our “smart cards” will give our cardholders additional comfort that they can make payments in a safe, secure, yet flexible manner.”
New cards will be issued upon the expiration of old ones or when replacing lost or damaged cards. Customers may also request the new card via the usual process at their branch before the expiration of their existing card.